This is yet another example of the crypto boom going bust, which has been a series of unregulated and utterly opaque exchanges collapsing. Over and over again, the entire ecosystem has been snake oil salesmen, who are selling snake oil to other snake oil salesmen.
And the crypto purists will cry “oh, but Bitcoin, it would work if we all held dear to the purity of the concept and kept our relevant info in lockboxes in our panic rooms!” And the cynical, but also correct, among us will mutter “well that’s cool, but no normal human is going to do that, and the valuation of whole thing is based on mass uptake, and that’s contingent on having middlemen do a lot of the ugly gruntwork, because otherwise it’s far too difficult for normal users to ever bother with.” And those middlemen are, again, invariably, snake oil salemen who will cut and run.